Novartis AG — Director's Dealing 2011

Jan 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Marina Biotech, Inc. (MRNA)
CIK: 0000737207
Period of Report: 2011-01-25

Reporting Person: Novartis Bioventures Ltd (10% Owner)
Reporting Person: NOVARTIS AG (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-25	Common Stock	S	2500	$1.09	Disposed	2660070	Direct
2011-01-25	Common Stock	S	12000	$1.10	Disposed	2648070	Direct
2011-01-25	Common Stock	S	26200	$1.11	Disposed	2621870	Direct
2011-01-25	Common Stock	S	600	$1.115	Disposed	2621270	Direct
2011-01-25	Common Stock	S	15100	$1.12	Disposed	2606170	Direct
2011-01-25	Common Stock	S	5100	$1.13	Disposed	2601070	Direct
2011-01-25	Common Stock	S	9005	$1.14	Disposed	2592065	Direct
2011-01-25	Common Stock	S	19200	$1.15	Disposed	2572865	Direct
2011-01-25	Common Stock	S	1530	$1.16	Disposed	2571335	Direct
2011-01-25	Common Stock	S	670	$1.17	Disposed	2570665	Direct
2011-01-25	Common Stock	S	400	$1.18	Disposed	2570265	Direct
2011-01-25	Common Stock	S	700	$1.20	Disposed	2569565	Direct
2011-01-26	Common Stock	S	1000	$1.08	Disposed	2568565	Direct
2011-01-26	Common Stock	S	700	$1.09	Disposed	2567865	Direct
2011-01-26	Common Stock	S	400	$1.10	Disposed	2567465	Direct
2011-01-26	Common Stock	S	1800	$1.11	Disposed	2565665	Direct
2011-01-26	Common Stock	S	1200	$1.12	Disposed	2564465	Direct
2011-01-26	Common Stock	S	2600	$1.13	Disposed	2561865	Direct
2011-01-26	Common Stock	S	1300	$1.14	Disposed	2560565	Direct
2011-01-26	Common Stock	S	1900	$1.15	Disposed	2558665	Direct
2011-01-26	Common Stock	S	10700	$1.16	Disposed	2547965	Direct
2011-01-26	Common Stock	S	19550	$1.17	Disposed	2528415	Direct
2011-01-26	Common Stock	S	16784	$1.18	Disposed	2511631	Direct
2011-01-26	Common Stock	S	10730	$1.19	Disposed	2500901	Direct
2011-01-26	Common Stock	S	2056	$1.20	Disposed	2498845	Direct
2011-01-26	Common Stock	S	3780	$1.21	Disposed	2495065	Direct

Footnotes

F1: These shares are directly owned by Novartis Bioventures Ltd. Novartis Bioventures Ltd. is a wholly-owned indirect subsidiary of Novartis AG, which is an indirect beneficial owner of the reported securities.